Gold price has pulled back as expected from $1,300 towards $1,290 and is now expected to move higher towards $1,310. It is important for this scenario to come true, for price not to break below $1,290 and especially below $1,285.
Gold price has reached the 38% Fibonacci retracement and got rejected. Resistance remains strong at $1,300 and as long as we trade below it there is still danger of making another sell off towards $1,250-60 area. Support at $1,290-85 is crucial for this scenario. Holding above $1,290-85 keeps hopes alive for a move towards $1,310. Breaking below $1,290 will cancel this bullish scenario for $1,310 and will make me expect another selling round to push price below $1,280.
The material has been provided by InstaForex Company - www.instaforex.com
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